Here you will find news, views, events and information relating to real-estate in Spain.

Significant Increase in New Mortgages in January

January saw a 22.5% increase in new home loans
January saw a 22.5% increase in new home mortgages

January saw a 22.5% increase in home loans

January saw 36,832 new mortgages approved for the purchase of a home. This is 22.5% more than last January, a significant increase, according to the INE.

The average amount of capital borrowed was 121,036 euros, a slight drop of 0.7%. The total amount lent for home purchases reached 4,458 million euros, an annual increase of 21.6%.

By type of property, loans for homes accounted for 61.9% of new loans taken in January. The total amount borrowed for all property types reached 6,951 million euros, 16.2% more than in January 2018.

Interest Rates

The average interest rate at the start of the term was 2.6%, 2% lower than in the previous year. The average term for the loans was 21 years. Of all new loans taken in January, 64.5% were taken with a variable interest rate. 35.5% on a fixed rate.

The average rate for new variable rate mortgages was 2.42%, 2.3% higher than in the same month last year. For fixed rate loans the average rate at the start of the term was 3.04%. This is 8.9% lower than in January of the previous year.

For home mortgage loans, the average interest rate was 2.57% which is a drop of 4.3% when compared to the previous year. The average term of new home loans was 22 years. 62.8% of mortgages for home purchases in January were on a variable interest rate, with the remaining 37.2% being fixed rate loans.

The average interest rate at the start of the loan term for home loans was 2.32% for variable rate loans, a fall of 8%. For fixed rate home loans the average rate was 3.09%, a 1.6% annual increase.

Autonomous Communities

Madrid (10,478), Andalucía (6,140) and Cataluña (5,025) saw the largest number of new home mortgages approved in January.

The same three communities, Madrid (1,377.4 million euros), Catalonia (790.8 million) and Andalucía (657.5 million), approved the most capital for the constitution of mortgages on housing.

The highest annual variation rates in borrowed capital were in Madrid (51.4%), Castilla – La Mancha (34.7%) and Aragón (29.7%).

The same communities appear as having the highest annual variation rates in the number of new home mortgages: Madrid (104.8%), Castilla – La Mancha (25.3%) and Aragón (17.3%).

The Balearic Islands (-10.6%), Galicia (-7.1%) and Navarra (-5.3%) presented the most significant negative annual variations.


Record Passenger Numbers at Málaga Airport

Record Passenger Numbers at Málaga Airport
Record Passenger Numbers at Málaga Airport

Brits remain the most numerous at Malaga

In February Malaga-Costa del Sol Airport handled a 9.2% increase in passenger numbers when compared to the same month in 2018. Staff at the airport also dealt with a 6.1% increase in the number of flight operations. There were 1,052,194 passengers and 8,140 take-offs/landings in February, according to airport operator AENA.

The vast majority of passengers passing through the airport moved on commercial flights. However, 195,135 were travelling on domestic flights between other Spanish airports, which helped to boost the domestic market. In fact, the number of domestic passengers increased by 13.2% in February, while the number of national flights rose to 1,995, an annual increase of 9%.

The number of international passengers increased by 8.9%, while the number of international flight operations increased by 7.2%, with respect to February 2018.

Main Source

The UK remains as the main source/destination for international passengers with 273,997 travelling between Spain and UK airports. This represents an increase of 6.3%. Next was the German market which increased 25.4%, to reach 94,089 passengers.

The last weekend of the month was the busiest in February, with both the largest number of passenger and the most flights. On Saturday 23rd, passenger numbers reached 48,524, while on the following day, Sunday 24th, there was 340 landings and take-offs.

Year to date

February’s growth maintains the positive statistics seen so far this year. In the first two months of the year, more than two million passengers have moved on almost 17,000 flights. Comparing this period to the same one in 2018, passenger numbers are up 8.8% while the number of flights has increased by 7.8%.

This growth is seen in both the domestic and international markets. International passenger numbers amount to 1,668,453 passengers (8.5% more) and 11,956 international movements (9.5% more) in January and February.

Domestic traffic also increased in the first two months of the year with 4,174 flights (9.4% more), and 393,799 passengers (12.9% more).


Sales of New Homes Increased in January

Sales of New Homes Increased in January
Sales of New Homes Increased in January

Sales of new homes increased by 11.2%

The total number of property sales/purchases in the property registers in January was 198,298, 10.6% more than in the same month of 2018, according to data from the INE.

85.7% of purchases registered in January correspond to urban property, and 14.3% rural. In the case of urban properties, 56.5% were home sales.

The number of rural property sales increased by 2% in January, while urban property sales increased 3.8%. Within urban, home sales recorded a decrease of 0.2%.

19.4% of homes purchased in January were new, with the remaining 80.6% being second-hand properties.

The number of new homes sold increased by 11.2%. Meanwhile, the number of used properties sold decreased by 2.6%, when compared to January 2018.

Results by Autonomous Community

In January, the total number of transferred properties in the registers per 100,000 inhabitants reached its highest values in La Rioja (1,083), Castilla-La Mancha (747) and Castilla y León (703).

La Rioja (30.2%), Murcia (27.2%) and Cataluña (26.6%) recorded the highest annual variation rates.

At the other end of the table, Cantabria (-11.8%), Asturias (-10.1%) and Aragón (-4.8%) have the lowest annual variations.

Looking only at the sale of housing, the communities with the highest number of transmissions per 100,000 inhabitants are Valencia (185), La Rioja (154) and the Balearic Islands (151).

The communities with the highest annual variations in the number of home sales in January are Extremadura (36.9%), Galicia (17.5%) and Aragón (16.9%).

Meanwhile, the Canary Islands (-22.4%), Asturias (-18.0%) and the Balearic Islands (-13.7%) registered the lowest annual variation rates in January.

In Andalucia, there were 8,939 home sales in January, representing a fall of -1,6%.


Property Prices Up 2.6% in January

The average home loan in January was €135,616
The average home loan in January was €135,616

The average home loan in January was €135,616

Purchases and sales of homes reached 40,388 transactions in January, a slight year-on-year increase of 0.3%, according to the General Council of Notaries.

By type of housing, the sale of apartments showed a year-on-year fall of 1.3%. Meanwhile, transactions for second-hand homes fell by 1.5%, while sales of new property increased by 0.1%. The sale of single-family homes showed an increase of 6.6% year-on-year.

Looking at prices, the average price of a square metre sold in January was €1,424, reflecting a slight increase of 2.6% year-on-year. This increase was due to both the increase in the prices of single-family homes (4.1%) and also that of flats (2.7%).

Of all the sales in January 36.3% corresponded to land or plots. The average price for these transactions was €221 p/m².


The number of new mortgage loans taken in January was 26,922, representing an increase of 3.7% year-on-year. The average amount of those loans was €171,047, reflecting a slight fall of 0.6% year-on-year.

New mortgage loans taken for the acquisition of property increased in January by 5.6% year-on-year (20,730 loans). This was due in part to the increase in loans for the purchase of a home (6.1%), and the decrease in the number of loans taken for the acquisition of other types of property (-1.5%). The average amount borrowed for all new loans was €141,772 (-0.3% year-on-year).

In the case of housing, the average capital borrowed was €135,616, a slight annual increase of 0.9%. For loans taken for the purchase of other types of property, the average loan was €230,028 (-7.1% year-on-year).

New mortgage loans taken for the purpose of construction showed an annual drop of 9.1% in January, to 464 operations. The average amount of those loans was €565,334, reflecting an annual increase of 22.3%. Meanwhile, the average amount of loans taken for the construction of a home increased by 99.6% to €438,598 (371 operations).

Finally, in the case of home purchases, 48% of transactions in January required financing. In those cases, the average mortgage-to-value rate was 74.7%.


2018 Home Sales Figures Highest in 11 Years

Home sales increased 9.3% in 2018
Home sales increased 9.3% in 2018

Home sales increased 9.3% in 2018

The number of home sales seen in 2018 was the highest number since 2007.

According to Fomento, 581,793 homes were sold, a 9.3% increase compared to 2017. However, despite the most positive data in 11 years, the increase was the lowest since the end of the crisis confirming a slowdown in the residential market. The number of transactions only increased in 15 provinces, with the Canary Islands and the Balearic Islands both suffering a drop in sales.

The market for second-hand homes returned to the top, with 90.3% of the total sales. This reflects an increase of more than 9% on the previous year. There were 525,379 second-hand property sales, the highest number since 2006, when there were 545,000 sales.

The sale of new housing increased for the second consecutive year, to see 56,414 transactions, an increase of 11.9% year-on-year. However, new property sales are still 86% lower than in the boom years.

Results by Province

As mentioned, the Spanish archipelagos were the ones to suffer losses in 2018. The largest falls registered were the Balearic Islands (-5.1%), Las Palmas (-2.8%) and Santa Cruz de Tenerife (-2.1%). The largest increases in home sales were seen in Huelva (28.1%), La Rioja (24.4%), Segovia (23.2%), Seville (21.1%) and Guadalajara (20.4%).

Transactions in Madrid rose by 5.7% year-on-year, while in Barcelona they grew with a slight increase of 2.6%. Valencia (13.4%) also saw a double-digit increase.

Looking at sales volume, Madrid accounted for 14.6% of sales, while Barcelona took 10.4%. Meanwhile, Alicante accounted for 7.6% of total sales. These represent sales figures of 85,169 in Madrid, 60,602 in Barcelona and 44,050 in Alicante.

“The national data shows moderate growth that shows the health of the Spanish property market. It seems that the normalisation process has already reached most of the country and that those communities where rates have been growing slowly are now seeing double-digit increases. Meanwhile, the islands have begun to show signs of stabilising prices or have fallen during 2018. In the case of Madrid and Catalonia, the increase in population is pushing prices upwards. While local politicians continue to ignore this migration, the prices of home in those markets will continue to grow given the scarce replenishment of the supply.”, says Fernadno Encinar, head of studies at idealista.